Nijjar Properties Limited - Period Ending 2020-11-30

Nijjar Properties Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Nijjar Properties Limited

Company Information

Director

Mr J S Nijjar

Registered office

13 Portland Road Edgbaston Birmingham B16 9HN

Accountants

Peplows Limited Chartered Accountants 1st Floor, 3 & 4 Cranmere Court Lustleigh Close Matford Business Park Exeter Devon EX2 8PW

Nijjar Properties Limited

(Registration number: 09882088)
Balance Sheet as at 30 November 2020

	Note	2020  £	2019  £
Current assets
Stocks	4	224,462	210,713
Debtors	5	100,027	-
Cash at bank and in hand		2,312	98,276
		326,801	308,989
Creditors: Amounts falling due within one year	6	(375,106)	(414,296)
Total assets less current liabilities		(48,305)	(105,307)
Creditors: Amounts falling due after more than one year	6	(45,000)	-
Provisions for liabilities		1,525	20,027
Net liabilities		(91,780)	(85,280)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(91,880)	(85,380)
Total equity		(91,780)	(85,280)

Nijjar Properties Limited

(Registration number: 09882088)
Balance Sheet as at 30 November 2020

For the financial year ending 30 November 2020 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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.

Approved and authorised for issue by the director on 13 August 2021
 

.........................................

Mr J S Nijjar
Director

Nijjar Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
13 Portland Road
Edgbaston
Birmingham
B16 9HN

These financial statements were authorised for issue by the director on 13 August 2021.

2	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.

The financial statements are presented in Pound Sterling, and all amounts shown are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis, as the company continues to have the support of its director.

The director has considered the impact of COVID-19 and does not consider it to have a material impact on the balances included within the financial statements. In addition, the director does not consider it to cast any signficant doubt upon the company's ability to continue to trade as a going concern.

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.

Nijjar Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2019 - 2).

Nijjar Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020

4

Stocks

	2020 £	2019 £
Other inventories	224,462	210,713

5

Debtors

	Note	2020 £	2019 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	9	80,000	-
Other debtors		20,027	-
		100,027	-

Nijjar Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Loans and borrowings	7	373,593	412,783
Accruals and deferred income		1,513	1,513
		375,106	414,296

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	7	45,000	-

7	Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Other borrowings	373,593	412,783

	2020 £	2019 £
Non-current loans and borrowings
Bank borrowings	45,000	-

Nijjar Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary Shares of £1 each	2	2	2	2

9	Related party transactions

Key management personnel

The Directors

Summary of transactions with key management

During the current and preceding year, the company benefitted from loans given by the related party. At the balance sheet date, the amount owed by the company was £373,593 (2019: £412,783).
 
No interest has been charged on loaned amounts and there is no set repayment date.
 

Summary of transactions with entities with joint control or significant interest

Company under common control
 
During the year the company gave loans to the related party. At the balance sheet date, the amount owed to the company was £80,000 (2019: £Nil).
 
No interest is charged on loaned amounts and there is no set repayment date.