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COMPANY REGISTRATION NUMBER: 10208480
NETE Properties Limited
Filleted Unaudited Financial Statements
31 May 2023
NETE Properties Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
10,843,523
10,848,530
Current assets
Debtors
7
236,085
Cash at bank and in hand
1,104,523
62,706
------------
--------
1,340,608
62,706
Creditors: amounts falling due within one year
8
365,008
498,422
------------
---------
Net current assets/(liabilities)
975,600
( 435,716)
-------------
-------------
Total assets less current liabilities
11,819,123
10,412,814
Creditors: amounts falling due after more than one year
9
7,011,447
5,543,220
Provisions
Taxation including deferred tax
2,854
3,806
-------------
-------------
Net assets
4,804,822
4,865,788
-------------
-------------
Capital and reserves
Called up share capital
10
4,524,602
4,524,602
Profit and loss account
280,220
341,186
------------
------------
Shareholders funds
4,804,822
4,865,788
------------
------------
These 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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
NETE Properties Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 27 September 2023 , and are signed on behalf of the board by:
Neil Brown - Director
Company registration number: 10208480
NETE Properties Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Main Street, Coniston, Hull, East Yorkshire, HU11 4JR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
10,340
39,337
Deferred tax:
Origination and reversal of timing differences
( 952)
3,806
-------
--------
Tax on profit
9,388
43,143
-------
--------
6. Tangible assets
Freehold property
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 June 2022 and 31 May 2023
10,828,500
43,859
11,762
10,884,121
-------------
--------
--------
-------------
Depreciation
At 1 June 2022
29,983
5,608
35,591
Charge for the year
3,469
1,538
5,007
-------------
--------
--------
-------------
At 31 May 2023
33,452
7,146
40,598
-------------
--------
--------
-------------
Carrying amount
At 31 May 2023
10,828,500
10,407
4,616
10,843,523
-------------
--------
--------
-------------
At 31 May 2022
10,828,500
13,876
6,154
10,848,530
-------------
--------
--------
-------------
7. Debtors
2023
2022
£
£
Amounts owed by undertakings in which the company has a participating interest
150,000
Prepayments and accrued income
86,085
---------
----
236,085
---------
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
56,418
Accruals and deferred income
1,400
37,962
Corporation tax
10,341
39,337
Social security and other taxes
1,716
1,711
Director loan accounts
341,551
327,770
Other loans
35,224
---------
---------
365,008
498,422
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
7,011,447
5,109,411
Other loans
433,809
------------
------------
7,011,447
5,543,220
------------
------------
The bank loans are secured on the freehold property of the company.
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
4,524,602
4,524,602
4,524,602
4,524,602
------------
------------
------------
------------
11. Directors' advances, credits and guarantees
During the year there were no directors advances,credits and guarantees.