NK2N Properties Limited
NK2N Properties Limited
Registered number: 07525332
Unaudited Financial Statements
For The Year Ended
31 March 2021
Dhillon Accountants Ltd
Chartered Accountants
Unit 1
21 Hatherton Street
Walsall
WS4 2LA
NK2N Properties Limited
Unaudited Financial Statements
For The Year Ended
31 March 2021
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 2—3 |
Notes to the Financial Statements | 4—6 |
NK2N Properties Limited
Balance Sheet
As at
31 March 2021
Balance Sheet
Registered number:
07525332
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 3 |
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CURRENT ASSETS | |||||
Debtors | 4 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 5 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 6 |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 7 |
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Other reserves |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 98,519 | 88,169 | |||
NK2N Properties Limited
Balance Sheet (continued)
As at
31 March 2021
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 4 to 6 form part of these financial statements.
NK2N Properties Limited
Notes to the Financial Statements
For The Year Ended
31 March 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold |
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Plant & Machinery |
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1.4.
Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account.
The directors have also made key assumptions in the determination of the fair value of the investment properties in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2020: 1)
NK2N Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
3.
Tangible Assets
Investment Properties | Plant & Machinery | Total | |
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£ | £ | £ | |
Cost | |||
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Depreciation | |||
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Net Book Value | |||
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As at
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4.
Debtors
2021 | 2020 | ||
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£ | £ | ||
Due within one year | |||
Other debtors |
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5.
Creditors: Amounts Falling Due Within One Year
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£ | £ | ||
Bank loans and overdrafts |
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Corporation tax |
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Accruals and deferred income |
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Director's loan account |
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6.
Creditors: Amounts Falling Due After More Than One Year
2021 | 2020 | ||
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£ | £ | ||
Bank loans |
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NK2N Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
8.
Ultimate Controlling Party
The company's ultimate controlling party are
the Directors and members of their family
by virtue of their ownership of 100% of the issued share capital in the company.
9.
General Information
NK2N Properties Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
07525332
. The registered office is Office 1, 21 Hatherton Street, Walsall, WS4 2LA.