Note Property Limited
Note Property Limited
Registered number: 10047679
Unaudited Financial Statements
For The Year Ended
31 March 2023
SGW & Co
39 Main Street
Bunny
Nottingham
NG11 6QU
Note Property Limited
Unaudited Financial Statements
For The Year Ended
31 March 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Accountants' Report | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—7 |
Note Property Limited
Accountants' Report
For The Year Ended
31 March 2023
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of
Note Property Limited
For The Year Ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Note Property Limited
For The Year Ended 31 March 2023 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of
Note Property Limited
, as a body, in accordance with the terms of our engagement letter dated 08 March 2016. Our work has been undertaken solely to prepare for your approval the accounts of
Note Property Limited
and state those matters that we have agreed to state to the directors of
Note Property Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Note Property Limited
and its directors, as a body, for our work or for this report.
It is your duty to ensure that
Note Property Limited
has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of
Note Property Limited
. You consider that
Note Property Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of
Note Property Limited
. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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39 Main Street
Bunny
Nottingham
NG11 6QU
Note Property Limited
Balance Sheet
As At
31 March 2023
Balance Sheet
Registered number:
10047679
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
| 2023 | 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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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 | 7 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Revaluation reserve | 10 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 83,123 | 67,602 | |||
Note Property Limited
Balance Sheet (continued)
As At
31 March 2023
The financial statements were approved by the board of directors on 14 November 2023 and were signed on its behalf by:
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Director
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The notes on pages 4 to 7 form part of these financial statements.
Note Property Limited
Notes to the Financial Statements
For The Year Ended
31 March 2023
Notes to the Financial Statements
1.
General Information
Note Property Limited
Registered number
10047679
is a limited by shares company incorporated in England & Wales. The Registered Office is 39 Main Street, Bunny, Nottingham, NG11 6QU.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2.
Turnover
Turnover in the normal course of business comprises rental income from investment properties that comprise of freehold and leasehold properties held by the company and leased to third parties. Turnover is recognised on a straight-line basis over the lease term. Lease incentives, where offered, are recognised as a reduction of turnover on a straight line basis over the lease term, or to the first rent break clause where applicable.
2.3.
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:
| Plant & Machinery |
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| Computer Equipment |
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2.4.
Investment Properties
Investment property comprises freehold and leasehold land and buildings. Investment property is recorded initially at its cost. Subsequently, investment properties are carried at their open market value, which is informally updated annually by the directors. Any surplus or deficit on revaluation is recognised through the statement of total recognised gains and losses to the extent that these are considered to be temporary.
Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.
Finance costs that are directly attributable to acquiring property are capitalised within investment properties and depreciated over the life of the loan on which they arise.
2.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
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 years 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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred 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 and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was NIL (2022: NIL)
Note Property Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
4.
Tangible Assets
| Investment Properties | Plant & Machinery | Computer Equipment | Total | |
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| £ | £ | £ | £ | |
| Cost | ||||
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| Additions | - |
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| Depreciation | ||||
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| Provided during the period | 3,759 |
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10,452 |
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| Net Book Value | ||||
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The aggregate amount of finance costs capitalised and included in the cost of investment properties is £10,659. The amortisation charge applied to these finance costs for the year amounted to £3,759 (2022: £4,659). Included within the amortisation charge of £3,759 is an impairment charge of £nil (2022: £1,811) in connection with brought forward finance costs relating to mortgages that were refinanced before the end of their term.
Cost or valuation as at
31 March 2023
represented by:
| Investment Properties | Plant & Machinery | Computer Equipment | Total | |
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| £ | £ | £ | £ | |
| At cost | 482,005 | 299 | 1,102 | 483,406 |
| At valuation | 57,606 | - | - | 57,606 |
| 539,611 | 299 | 1,102 | 541,012 | |
Investment properties have not been professionally revalued by external valuers since their aquisition. The Directors have undertaken their own assessment of the value of the investment properties as at 31 March 2023 based on consideration of the current market and comparison with sales of similar property in the same area.
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
| Investment Properties | |
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| £ | |
| Cost | 482,005 |
| Accumulated depreciation and impairment | 10,452 |
| Carrying amount |
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Note Property Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
5.
Debtors
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| Due within one year | |||
| Prepayments and accrued income |
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6.
Creditors: Amounts Falling Due Within One Year
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| £ | £ | ||
| Corporation tax |
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| Tenant deposits (Current liabilities - creditors < 1 year) |
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| Shareholder loans (Current liabilities - creditors < 1 year) |
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| Accruals and deferred income |
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| Directors' loan accounts |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 2023 | 2022 | ||
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| Mortgages (Long term liabilities - creditors > 1 year) |
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9.
Directors Advances, Credits and Guarantees
Included within Debtors/(Creditors) are the following loans to/(from) directors:
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Amounts advanced | Amounts repaid | Amounts written off | As at
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| £ | £ | £ | £ | £ | |
| Mr Paul Gray |
( |
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- |
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| Mrs Joanna Gray |
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The above loan is unsecured, interest free and repayable on demand.
Note Property Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
10.
Reserves
| Revaluation Reserve | |
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| As at
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