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Registered number: 13089700









NKGH LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
NKGH LIMITED
REGISTERED NUMBER: 13089700

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 5 
50
1

  
50
1

Current assets
  

Debtors
 6 
4,500,024
24

  
4,500,024
24

Creditors: amounts falling due within one year
 7 
(7,571,542)
(1)

Net current (liabilities)/assets
  
 
 
(3,071,518)
 
 
23

Creditors: amounts falling due after more than one year
 8 
(4,506,190)
-

  

Net (liabilities)/assets
  
(7,577,658)
24


Capital and reserves
  

Called up share capital 
  
24
24

Profit and loss account
  
(7,577,682)
-

  
(7,577,658)
24


Page 1

 
NKGH LIMITED
REGISTERED NUMBER: 13089700
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

Gary Hilton Sacks
Director

Date: 29 September 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
NKGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

NKGH Limited (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 2006 and domiciled in England. The address of the Company's registered office is Regina House, 124 Finchley Road, London, NW3 5JS. 

2.Accounting policies

  
2.1

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.

 
2.2

Basis of preparation of financial statements

The financial statements of the Company 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 UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.

  
2.3

Functional and presentational currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company and the currency in which the financial statements are presented (the "presentational currency") is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.

  
2.4

Exemption from preparing consolidated financial statements

During the year, the Company was a parent undertaking but ceased to be as such upon the sale of its entire shareholding in subsidiary undertakings on 20 December 2022.
The Company was exempt from the requirement to prepare consolidated financial statements by virtue of sections 383 and 399 of the Companies Act 2006 as the Company and its former subsidiary undertakings, both individually and on consolidation, are subject to the small companies regime.
The financial statements therefore present information about the Company as an individual undertaking and not about its group.

  
2.5

Comparative figures

Comparatives are for the period commencing on incorporation and ending 31 December 2021.

Page 3

 
NKGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Going concern

At the balance sheet date the Company held net liabilities of £7,577,658. The directors accept that although there does exist an inherent uncertainty that may cast doubt about the ability of the Company to continue as a going concern, as is the case with all companies, the directors consider the uncertainty to be sufficiently insignificant, given the Company's expected operational activity for the foreseeable future and availability of adequate financial resources to meet the Company's operational cash flow requirements. 
The directors having received adequate notice from the Company's principal creditors of their intention to not seek repayment of amounts owed to them by the Company, until such time as the Company is able to repay them without detriment to its operational cash flow requirements, have therefore prepared the Company's financial statements under the going concern basis on the grounds that the application of said basis remains appropriate.

 
2.7

Finance costs

Finance costs (i.e. interest and arrangement fees) are charged to profit or loss over the term of the debt instrument using the effective interest method. 
Loan arrangement fees are initially recognised as a reduction in the proceeds of the associated debt instrument.

 
2.8

Fixed asset investments

Fixed asset investments comprise of holdings in unlisted shares of subsidiary and associated undertakings. Such holdings are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at cost less provision for impairment at the balance sheet date.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised in the balance sheet upon becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. 
Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity is outlined in notes 2.10 to 2.12:

 
2.10

Debtors

Debtors are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment of assets.

Page 4

 
NKGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.11

Creditors

Creditors are initially measured and subsequently held at transaction price.

 
2.12

Equity

Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to apply judgment and make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other available sources based on historical experience and other factors that are considered to be relevant. Consequently, actual results may differ from that originally estimated.
In the opinion of the directors, there were no judgments, estimates and/or assumptions made in applying the principal accounting policies, outlined in note 2 of these financial statements, towards the preparation of these financial statements that may be considered as having a significant risk of causing a material adjustment to the carrying amount of assets and/or liabilities carried forward as at the balance sheet date where by which the actual future outcome observed may differ from that originally determined and reported.


4.


Employees

The average monthly number of employees, including directors, during the year was 0 (2021 - 0).
In accordance with UK legislation, office holders (i.e. registered company directors or secretaries) of the Company are not employees of the Company on the grounds that they are not party to a contract with the Company that meets the criteria for status of an employee.

Page 5

 
NKGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Fixed asset investments





Investments in subsidiary companies
Investments in associate undertakings
Total

£
£
£



Cost


At 1 January 2022
1
-
1


Additions
7,458,650
50
7,458,700


Disposals
(7,458,651)
-
(7,458,651)



At 31 December 2022
-
50
50





6.


Debtors

2022
2021
£
£

Falling due within one year

Amounts owed by joint ventures and associated undertakings
4,500,000
-

Other debtors
24
24

4,500,024
24


Deferred tax assets of approximately £30,000 in respect of trading losses incurred in the United Kingdom have not been recognised by the Company as part of these financial statements on the grounds that there is currently insufficient certainty as to whether the Company will generate adequate trading profits in the short term against which said deferred tax assets may be offset.
Debtors falling due within one year are non-interest bearing and, in the opinion of the directors, of a fair value not materially different to their carrying value.
At the balance sheet date, the provision for impairment against debtors falling due within one year was £nil (2021: £nil).

Page 6

 
NKGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
11,400
-

Amounts owed to joint ventures
49
1

Other creditors
7,560,093
-

7,571,542
1



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Other loans
4,506,190
-



9.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£



Amounts falling due 2-5 years

Other loans
4,506,190
-


4,506,190
-



10.


Financial instruments

The Company held no financial instruments during the financial reporting period that would require specific disclosure under sections 1.12, 11 or 12 of Financial Reporting Standard 102 and/or paragraph 36 of Schedule 1 to the Companies Act 2006.


11.


Contingent liabilities

The Company is party to a cross guarantee in which a fixed charge with negative pledge over all present and future assets of the Company has been granted in respect of any and all amounts owed towards loan finance arrangements entered into by connected company undertakings.

Page 7

 
NKGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Related party transactions

At the balance sheet date the following balances in respect of loan accounts were due from/(to) entities under common control. Amounts due are unsecured, repayable on demand and interest free (except where indicated along with the interest receivable/(payable) recognised in the year):


2022
2021
£
£

City & Docklands Management Limited
(4,142,671)
-
Mitre Yard Holdings Limited
(3,315,979)
-
North Kensington Gate Limited
4,500,000
(1)
North Kensington Gate HGP Limited
(49)
-
Ruby Red Management Limited^
(4,607,632)
-

* - Basic interest at 9.0% per annum - 2022: £(107,632) (2021: £(nil)).
There were no further related party transactions and/or period end balances considered to be material in the context of the financial statements to report in accordance with the UK Companies Act 2006 or Section 1A of Financial Reporting Standard 102 as part of these financial statements.


13.


Controlling party

The Company was under the control of its directors during the reporting period.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

Note 2.6 which disclosed the directors' explanation for the net liability position reported as at the balance sheet date and their reasoning in adopting the going concern basis of accounting in preparing the financial statements.

The audit report was signed on 29 September 2023 by Richard Paul (senior statutory auditor) on behalf of Nyman Libson Paul LLP.

 
Page 8